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cheapest place to buy michael kors watches ﻿Africa is well placed to achieve rapid and sustainable economics development in the decade ahead

Africa is well placed to achieve rapid and sustainable economics development in the decade ahead. Do you agree ?

March 14, 2012 10 Comments Uncategorized

This is a title from this year RoyalEconomists Society Essay competition which fits in nicely with the syllabus topic of sustainable economic growth from a global perspective. The prize is 1000 and an engrave cheapest place to buy michael kors watches d trophy !

This time it boys v girls. All of the boys are to argue that they DO NOT agree with the statement. Girls you DO agree. Best of luck.

Africa is on the brink of a major transformation. Over the last decade, the continent was home to six of the worlds 10 fastest growing economies, and the future of the continent remains bright at a time when the rest of the world is facing major political and economic challenges. In 2012, Africas projected growth rate of 6% will be driven by improved macroeconomic and political stability, an ongoing resource boom and a growing consumer base. The 2012 World Economic Forum on Africa will be held in Addis Ababa, Ethiopia. Ethiopia is the second most populous country in subSaharan Africa and is one of the continents fastest growing cheapest place to buy michael kors watches economies.

According to an article from BBC news in 2007 , the World Bank said that the economic outlook for Africa has improved and is still improving after a decade of growth of 5.4% for the continent that that matches global rates. It already achieved rapid economic growth, why would it suddenly drop or slow down? If they could do it then, surrely they can do it now.

Economist have looked at 1000 of different indicators and they concluded that growth in many African countries appears to be fast and steady enough put a dent on the region high poverty rate and attract global investment

Investment is a component of AD. Increasing investment will lead to a shift of the AD curve to the right. Although this shift could cause inflation, it increases national output and decreases unemployment rate. This could then lead to an increase in exports, an increase in consumption due to more disposable income Multiplier effect.

Many developed or developing countries have been able to rely on their natural resources as a fundamental means of generating industry. Therefore the fact that Zambia and South Africa are the only african states to have their own mining companies tells the whole story on where the continents resources are going. It has gotten to the stage where Zimbabwe has ordered foreign mining firms to deposit their export earnings with local banks in order to inject money into the local economy. This is on cheapest place to buy michael kors watches e of the reasons why Africa is not well placed to achieve rapid and sustainable economic development.

Africa may have lots of natural resources, yet it is mainly MNCs particularly from China that are using these resources and taking the profit back to their own economies, meaning it has little effect on the economies within Africa and there are little indicators that this is to change over the next decade.

Also there is heavy political instability, meaning that investors are still weary of investing in the economies and even if new noncorrupt governments were to to come into power, there would still be a time lag till investment poured in, so the next decade may be a small time frame for us to start talking about Africa as a new up and coming economic powerhouse, as some people are suggesting.

In terms of natural resources Africa could be classed as the richest continent, one of the main ways that they are currently using which will help promote economic growth is the use of technology. They may be a bit behind with technology but it will surely help them. This will do two things, one being that it will bring about jobs which will decrease unemployment. But it will also increase both the quality and quantity of transport links which could help with trade. cheapest place to buy michael kors watches